State Senator Larry Obhof (R–Medina) praised a new report showing Ohio is ranked seventh out of 50 states for its fiscal condition.
“We have taken important steps in recent years to improve Ohio’s fiscal situation,” said Obhof. “We have balanced the budget, replenished the rainy day fund, and put Ohio back on the path to long term sustainability.”
The study was conducted by George Mason University’s Mercatus Center and was based on data from fiscal year 2012. The researchers took several factors into consideration including each state’s long-term solvency.
In 2011, Ohio faced a projected $8 billion budget shortfall and the state’s rainy day fund had sunk to a balance of just 89 cents. In that same year, Senator Obhof supported the budget proposal that balanced the shortfall without raising taxes. Today, the rainy day fund contains nearly $1.5 billion.
In recent years, Ohio has been recognized for achieving several other notable benchmarks, including having the state’s credit outlook upgraded by Moody’s Ratings. Ohio has also been ranked as having one of the most improved business climates in the nation. In one report, for example, Ohio improved 13 points in just one year.
“We have seen some key improvements, but there is much more to do,” added Obhof. “I will continue fighting for fiscally responsible policies that keep Ohio moving forward.”